bonus color of money chat q: how should they handle this $10k windfall?
Posted by
cupixie (aka chris)
Feb 10 '11, 11:10
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Windfall Question
Hi Michelle- I am big admirer of yours and always appreciate your sound advice about money-so much of it mirrors my mom's. I have a question about a windfall I will be receiving in April from my job. I will be getting a retention bonus equal to one year of my salary. After taxes, I think that works out to about a little over $40K. I plan to pay off a private student loan-$20K and two personal loans that equal $11K. That leaves approximately $10K. I have $2500 in credit card debt but I would like to buy a car and have a small emergency fund. My plan is to pay off my credit card debt in about 2 months after getting my bonus since I wont be making my big loan payments anymore. I'd like to set aside $5K to start an emergency fund and put down 10 percent on a car. I'd like to get your opinion about my potential plan. Thanks as always.
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Responses:
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eh - maybe he should write some columns - good grief. bravo, well done chap -- nm
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Epiphany
Feb 10, 11:36
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Michelle's response:
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cupixie
Feb 10, 11:24
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Send it to Sarah PAC -- nm
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Dr.Vermin
Feb 10, 11:17
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screw all that paying things off stuff. Take the cash and go to Vegas and have a great weekend -- nm
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decline
Feb 10, 11:16
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Don't pay off any debt and get a sex change operation. -- nm
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Loyola
Feb 10, 11:15
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Pay down the highest rate thing; then put aside a small rainy day fund...then go enjoy the remainder with a week away.
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Will Hunting
Feb 10, 11:13
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depends on the interest rate on the card. -- nm
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loosilu
Feb 10, 11:12
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pay off the cc debt first. -- nm
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Beaker
Feb 10, 11:12
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Dump her. -- nm
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Spawn
Feb 10, 11:11
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